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    205 Luna San Juan, PR 00901

    Sponsored
    For Sale
    $6,500,000

    Triplex - OLD SAN JUAN, PR

    Type:Triplex
    Property size:
    21,899 SF
    Lot size:
    0.15 Acres
    Days on Market:
    30
    Last Refresh:
    Feb 21 at 3:06 pm

    Property Features for 205 Luna

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Active
    Zoning
    C3
    APN
    040-002-026-12-001
    Interior features
    Elevator, High Ceilings
    Exterior features
    Balcony, Courtyard
    Accessibility
    Accessible Elevator Installed
    Size
    21,899 SF
    Lot size
    0.15 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1913
    Number of units
    1
    Architectural style
    Other

    We can help!

    Listing Contact
    Coral Bouret

    Bouret Real Estate (787) 642-9293

    Listing agent Coral Bouret (787) 642-9293 License #16493

    Listing date Jan 23, 2026

    MLS# PR9118739 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Historic Theater in Old San Juan

    Located in the heart of Old San Juan, 205 Luna is a 21,899-square-foot historic building featuring a fully restored 1913 theater. Originally Cine Luna, one of Puerto Rico’s earliest movie houses, the property has been renewed after an extensive restoration completed in 2018 by Universidad Carlos Albizu. The three-level structure blends institutional quality with architectural heritage, offering a flexible space for cultural, educational, corporate, and creative uses. The building’s centerpiece is its rebuilt theater, suited for lectures, premieres, conferences, and private events. A reception foyer and interior patio establish an arrival sequence suitable for gatherings, exhibitions, and hospitality activations. The second and third floors feature office suites, private offices, conference rooms, and open work areas, adaptable for a single anchor tenant, a hybrid innovation hub, or a multi-tenant professional environment. With its restored façade, modern infrastructure, and elevator access, 205 Luna offers scale, history, and architectural presence. Its C3 zoning and configuration support possibilities such as a cultural and innovation campus, creative industry headquarters, satellite university center, boutique event venue, or corporate flagship with a public-facing theater. The lot size is 0.15 acres.
    Location Intelligence

    Current Use by Public Records

    Theaters & concert halls

    Map

    City
    San Juan
    County
    San Juan
    State
    Puerto Rico
    Longitude
    -66.11592071
    Latitude
    18.46636568

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    FAQs

    What type of property is this?
    Theater & concert hall - Restored 21,899 SF commercial building with 1913 theater.
    Where is this theater & concert hall located?
    The property is located at 205 Luna San Juan, PR.
    What is the asking price?
    The asking price for this property is $6,500,000.
    What are key features of this property?
    This property features: - Fully restored 21,899 SF historic building with a 1913 theater in Old San Juan.; - Meticulously rebuilt theater SUITABLE FOR lectures, premieres, conferences, and private events.; - Flexible space adaptable for cultural, educational, corporate, or creative uses, including office suites and open work areas.
    (787) 642-9293
    Request Owner's contact information
    205 Luna San Juan, PR 00901
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    San Juan, PR 00901
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    205 Luna San Juan, PR 00901
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    We can help!
    Listing Contact
    Coral Bouret
    Real Estate License ID: 16493
    (787) 642-9293
    Learn more
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